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Problem - Durango Mountain Bike Tours' ending cash balance as of December 31, 2020 was $10,000. Its expected cash collections and payments for the next six months are given in the following table.
Month
Collections
Payments
January
$18,563
$21,825
February
30,881
35,100
March
51,075
48,600
April
81,844
68,344
May
109,688
90,113
June
141,750
107,100
Required -
a. Calculate the firm's expected ending cash balance for each month.
b. Assuming that the firm must maintain an ending cash balance of at least $12,000, how much must they borrow during each month?
c. If the firm must pay 5% annual interest on its short-term borrowing, what are the ending cash balances for each month?
d. What are the ending cash balances if the firm uses any cash in excess of the minimum to pay off its short-term borrowing in each month?
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